Where Did You Gold? - Gold Price Challenges $1,900 Again! The U.S. Stimulus Package Put Pressure On The U.S. Dollar.

Illustration photo of Gold Price H4 Chart from Investing.com

Gold is about to enter the new year 2021. The gold price once again challenged $1,900 and is currently oscillating back and forth near $1,893 per ounce.

It is difficult to increase the number of checks issued to the public in the U.S. stimulus package, which puts pressure on the dollar. 

Christopher Lewis, an Fxempire analyst, said the volume is falling off the cliff, but this is not surprising because it is cyclical. That being said, he thinks it is only a matter of time before the price is pushed to $1,950.

Besides, it was noted that with the recent structure, we can make an argument for a bottoming pattern in the form of a “V pattern”, which typically kicks off a bigger move.The biggest outside indicator should continue to be the US Dollar Index, as a falling US dollar should continue to help gold in general.

Besides, we believe that if the gold price continues to break through $1,894, there may be continued upward space, with resistance levels of $1904.10 and $1912.00 respectively. 

However, due to the current low trading volume, no real breakthrough is expected. If the price of gold continues to fall to $1,870 per ounce, the support levels are located at $1,866, $1,855, $1,839, and $1822.

FOLLOWME XAU/USD Overall Sentiment (As of 10:40 a.m., Dec 30, 2020),

Short - 51.73%

Long - 48.27%

Source: 24K99